Global Smart Agriculture Market Outlook, 2027

Global Smart Agriculture Market Outlook, 2027

According to the report title “Global Smart Agriculture Market Outlook, 2027”, published by Bonafide Research, the market size of the Global Smart Agriculture Market is expected to grow with a CAGR of more than 12.10% in the forecasted year of 2027. The global smart agriculture market includes precision agriculture market, precision livestock monitoring market, precision aquaculture market, smart greenhouse market & precision forestry market.

Precision farming is widely known as precision agriculture. Precision agriculture is a method of increasing average yields by using exact amounts of inputs in comparison to traditional gardening approaches. The smart greenhouse remote monitoring system primarily measures indoor CO2, humidity, temperature, light, soil moisture, soil pH, and air pressure. These elements have a direct impact on greenhouse plant growth. The sensor is an important part of the greenhouse's remote monitoring system. Each sensor continuously analyses a different environmental component at a different place and communicates the data to the monitoring system.

Precision livestock monitoring provides animals' location, temperature, blood pressure, and heart rate are monitored using a wearable collar or tag (RFID) with sensors, which wirelessly communicate the data to farmers' devices in near-real-time. Livestock monitoring improves livestock health and vitality with real-time monitoring in order to cure animals. According to a European Commission research, such networks would help farmers enhance animal output by more than 22%. Livestock monitoring and disease detection are two key elements driving this market's growth. Precision fish farming or Aquaculture is related to growing aquatic animals for the sake of beneficial products of aquaculture. The market includes surface cameras, sonar, stereo video and acoustic telemetry. The physical components include evaluating water quality indicators including temperature, dissolved oxygen, pH, and hardness of water, which are the most significant factors for fish breeding. It also incorporates automatic feeding of the fish at set intervals to reduce food waste and water contamination.

The biggest factors for the precision forestry market are the growing modernization of forestry operations, increasing preference for forestry products, falling costs of advanced monitoring and surveillance technologies, and increased government support for the adoption of modern forestry techniques to combat illegal logging. It also improves wood product quality, reduces waste, increases profit, and maintains environmental quality. Though precision forestry is growing with the lowest CAGR among all of them it has a very huge potential market of around $4.4 billion in 2021. This market gives overall cost-saving and reduction in deforestation.

North America is the leader in the global smart agriculture market. The reason behind it is the USA and Canada is the major countries contributing pre-adoption of these technologies. On the other hand, Asia-Pacific is expected to grow with the highest CAGR in the forecast period. China and Japan’s government’s support towards automation and dairy farms is the major market driver. According to FAO, countries like China, Indonesia, Peru, India, Russia and USA accounted for almost 50% of total global aqua-capture production. On the other side, Russia, Brazil, Canada, USA & China have the highest forest area. By offering type; the hardware segment has a huge market share compared to software and services. In future, the software and services market share will be increased due to subscription services and modern software techniques.

COVID-19 Impact:
Adoption of IoT and AI by dairy farmers and livestock monitoring management; and substantial cost-saving associated with other agriculture-related industries. The growing population of cattle with increasing dairy farms, increasing adoption of livestock monitoring technology and increasing demand for food in developing countries create a strong demand for smart agriculture in the midst of COVID-19. Of course, due to lack of transportation, manpower, and other lockdown restrictions, the market growth was disturbed a bit.

Major Companies present in the market:
Raven Industries, Inc, Merck & Co., Inc, Deere & Company, AgJunction Inc., Trimble Inc., Topcon Positioning Systems, Inc., AGCO Corporation, AG Leader Technology, Afimilk Limited, InnovaSea Systems, Inc., Abaco Systems, Inc., GEA Group Aktiengesellschaft (GeaCowScout), Grownetics, Inc., Heliospectra AB, Nedap N.V. Inc, Gamaya SA, Ceres Imaging, Inc, AKVA group, CropX Technologies

Considered in this report
• Geography: Global
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Smart Agriculture Market with its value and forecast along with its segments
• Region & country wise smart agriculture market analysis
• Application wise smart agriculture distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report
North America
Europe
Asia-Pacific
Latin America
Middle-East & Africa

Types of smart agriculturein the report:
Precision Agriculture
Aquaculture/Precision Fish Farming
Smart Greenhouse Market
Precision Livestock Monitoring Market
Precision Forestry Market

By OfferingType in the report:
Hardware
Software
Services

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.